JNK India's ₹650-cr IPO to open on Apr 23; sets price band at ₹395-415/share - Hindustan Times

JNK India's 650-cr IPO to open on Apr 23; sets price band at 395-415/share

Apr 18, 2024 01:40 PM IST

JNK India's ₹650-cr IPO to open on Apr 23; sets price band at ₹395-415/share

New Delhi, Heating equipment maker JNK India Ltd on Thursday said it has fixed a price band of 395-415 per share for its 650-crore initial public offering .

JNK India's <span class='webrupee'>₹</span>650-cr IPO to open on Apr 23; sets price band at <span class='webrupee'>₹</span>395-415/share
JNK India's 650-cr IPO to open on Apr 23; sets price band at 395-415/share

The initial share-sale will be open for public subscription during April 23-25 and the bidding for anchor investors will open for a day on April 22, the company said in a statement.

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The IPO is a combination of fresh issue of equity shares worth up to 300 crore and an Offer-for-Sale of up to 84.21 lakh equity shares by promoters and an existing shareholder.

Those offloading shares in the OFS are promoters Goutam Rampelli, Dipak Kacharulal Bharuka, JNK Heaters Co Ltd and Mascot Capital and Marketing Pvt Ltd and a shareholder Milind Joshi.

At the upper end of the price band, the IPO price has been pegged at 650 crore.

Proceeds from the fresh issue will be used for funding working capital requirements and general corporate purposes.

Half of the issue size has been reserved for qualified institutional buyers, 35 per cent for non-institutional investors and the remaining 15 per cent for retail investors. Investors can bid for a minimum of 36 equity shares and in multiples of 36 equity shares thereafter.

JNK India is engaged in the business of thermal designing, engineering, manufacturing, supplying, installing, and commissioning heating equipment and caters to both domestic and overseas markets. The heating equipment is required in industries such as oil and gas refineries, petrochemicals, fertilizers, hydrogen and methanol plants etc.

As on December 31, 2023, the company had an order book of 845 crore.

The company's consolidated revenue from operations surged by 37.42 per cent to 407.30 crore for fiscal year 2023, from 296.40 crore a year ago and net profit increased by 29 per cent to 46.36 crore as compared to 35.98 crore.

IIFL Securities and ICICI Securities are the book-running lead managers of the public issue. The equity shares are proposed to be listed on BSE and NSE.

This article was generated from an automated news agency feed without modifications to text.

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